Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Boeing Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation ratios exhibit a period of significant volatility followed by a trend toward higher valuation multiples relative to historical levels. While sales-based metrics were tracked consistently over the analyzed period, profitability and book value ratios only emerge in the final two quarters, indicating a shift in available financial reporting or a transition into positive territory for those specific metrics.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated substantial fluctuations between March 2022 and March 2026. An initial period of volatility is observed from March 2022 to December 2024, with the ratio oscillating between a low of 1.30 in September 2022 and a peak of 1.91 in June 2023. A notable upward shift occurred in 2025, reaching a peak of 2.27 in June 2025 before stabilizing near 1.98 by March 2026. This overall increase suggests a higher market valuation per unit of revenue over time.
- Profitability-Based Valuations
- Data for Price to Earnings (P/E) and Price to Operating Profit (P/OP) are only present for the final two quarters. The P/E ratio is exceptionally high, recorded at 97.12 in December 2025 and 94.81 in March 2026. Similarly, the P/OP ratio remained elevated and stable, moving slightly from 42.88 to 42.72. These figures indicate that the market is pricing the stock at a significant premium relative to current earnings and operating profits.
- Asset-Based Valuation
- The Price to Book Value (P/BV) ratio, appearing only in the final two quarters, shows a high valuation relative to equity. A decrease is noted from 33.65 in December 2025 to 30.45 in March 2026. This indicates a high market premium over the net asset value of the company, though a slight contraction in this premium occurred toward the end of the period.
Price to Earnings (P/E)
Boeing Co., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net earnings (loss) attributable to Boeing common shareholders (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net earnings (loss) attributable to Boeing common shareholdersQ1 2026
+ Net earnings (loss) attributable to Boeing common shareholdersQ4 2025
+ Net earnings (loss) attributable to Boeing common shareholdersQ3 2025
+ Net earnings (loss) attributable to Boeing common shareholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a prolonged period of negative earnings followed by a transition to profitability in the final stages of the observed timeframe. For the majority of the period between March 2022 and September 2025, the company operated with negative earnings per share, which precluded the calculation of a meaningful price-to-earnings ratio.
- Earnings Per Share (EPS) Trends
- A sustained period of losses is evident from March 31, 2022, through September 30, 2025. Losses fluctuated significantly, reaching a low point in December 2024 with an EPS of -15.83 US$. A critical inflection point occurred in the quarter ending December 31, 2025, where earnings shifted to a positive 2.41 US$, followed by 2.44 US$ in March 2026. This marks a return to profitability after nearly four years of negative results.
- Share Price Volatility
- The share price exhibited considerable volatility regardless of the earnings trend. Prices fluctuated between a low of 133.79 US$ in September 2022 and a peak of 233.72 US$ in December 2025. The upward trajectory in the latter half of 2025 suggests market anticipation of the recovery in earnings that materialized in the fourth quarter of that year.
- Price to Earnings (P/E) Valuation
- The P/E ratio remained unavailable for the vast majority of the period due to negative earnings. Upon the return to profitability in December 2025, the P/E ratio appeared at 97.12, slightly moderating to 94.81 by March 31, 2026. These high ratios indicate that the market is pricing in significant future growth or assigning a high premium to the company's recovery phase relative to its current nominal earnings.
Price to Operating Profit (P/OP)
Boeing Co., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Earnings (loss) from operations (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Earnings (loss) from operationsQ1 2026
+ Earnings (loss) from operationsQ4 2025
+ Earnings (loss) from operationsQ3 2025
+ Earnings (loss) from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory is characterized by a prolonged period of operational deficits extending from March 2022 through September 2025. During this timeframe, the Price to Operating Profit (P/OP) ratio remained undefined due to consistently negative operating profit per share. A significant pivot in financial performance occurred in the fourth quarter of 2025, marking a return to profitability and the subsequent emergence of a calculable P/OP valuation ratio.
- Share Price Trends
- The share price exhibited substantial volatility, fluctuating between a low of 133.79 US$ in September 2022 and a peak of 233.72 US$ in December 2025. Despite the sustained operating losses occurring throughout most of the period, the share price generally trended upward from 2024 onward, suggesting market confidence that preceded the actual return to operational profitability.
- Operating Profit Performance
- Operating profit per share remained negative for sixteen consecutive quarters. The deficits reached critical lows in September 2022 (-12.36 US$) and December 2024 (-14.27 US$). A sharp recovery is observed between September 2025 and December 2025, where the loss of -10.87 US$ shifted to a profit of 5.45 US$. This positive momentum was maintained into March 2026 with a profit of 5.41 US$ per share.
- P/OP Ratio Interpretation
- The P/OP ratio first appears in December 2025 at 42.88, followed by a slight contraction to 42.72 in March 2026. The emergence of this ratio coincides precisely with the transition to positive operating income. The relatively high multiple indicates that the market is pricing the equity at a significant premium relative to its current operating profits, likely reflecting expectations of continued recovery or future earnings growth.
Price to Sales (P/S)
Boeing Co., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibits notable volatility over the analyzed period, reflecting shifting market valuations relative to revenue generation per share. The ratio fluctuates between a low of 1.30 and a peak of 2.27, indicating periods of both valuation contraction and expansion.
- P/S Ratio Trajectory
- The valuation multiple remained relatively stable between 1.30 and 1.91 from March 2022 through March 2024. A marked increase in the P/S ratio is observed starting in December 2024, with the multiple remaining elevated above 1.80 through March 2026, peaking at 2.27 in June 2025.
- Sales per Share Trends
- Revenue per share showed a consistent growth trend from March 2022 ($103.21) to a peak in December 2023 ($127.50). This was followed by a significant decline that reached a trough of $88.68 in December 2024. A recovery phase is evident from January 2025 onward, with sales per share climbing back to $116.94 by March 2026.
- Share Price Volatility
- The share price experienced several peaks, most notably in June 2023 ($232.80) and September 2025 ($233.72). Price movements often decoupled from sales performance; for instance, between September 2024 and December 2024, the share price rose from $157.06 to $175.87 despite a simultaneous sharp drop in sales per share.
- Correlation Analysis
- A divergence between fundamental sales performance and market valuation is most apparent in the latter half of 2024 and early 2025. The expansion of the P/S ratio during the period of lowest sales per share suggests that the market began pricing in future expectations or non-revenue factors, leading to a higher valuation multiple despite the temporary dip in sales efficiency.
Price to Book Value (P/BV)
Boeing Co., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Shareholders’ equity (deficit) (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Shareholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the financial metrics from March 2022 through March 2026 reveals a significant transition in the company's equity position and valuation profile. The period is characterized by a prolonged phase of negative book value followed by a recovery into positive territory, while the share price exhibited consistent volatility.
- Book Value Per Share (BVPS) Trends
- For the majority of the observed period, the book value per share remained negative, indicating a deficit in shareholders' equity. From March 2022 to September 2024, BVPS fluctuated between -25.07 and -38.10. A sharp recovery occurred in December 2024, where the BVPS improved significantly to -5.21. Despite a brief decline to -10.85 in September 2025, a definitive shift to positive equity was achieved by December 2025, reaching 6.94, and further increasing to 7.59 by March 2026.
- Share Price Volatility
- The share price demonstrated substantial fluctuations throughout the period. Prices ranged from a low of 133.79 in September 2022 to peaks exceeding 230.00 in June 2023 and again throughout late 2025 and early 2026. The stock maintained a general upward trajectory toward the end of the period, closing at 231.28 in March 2026.
- Price to Book Value (P/BV) Interpretation
- Due to the negative book value maintained for most of the timeline, the P/BV ratio was not applicable for the vast majority of the analysis. The ratio only became a meaningful metric once equity turned positive in the final two quarters. In December 2025, the P/BV was recorded at 33.65, subsequently moderating to 30.45 by March 2026. This high ratio suggests that the market assigns a valuation significantly higher than the accounting value of the company's net assets, reflecting investor expectations of future growth or intangible value.